Positive results at Italgas at the presentation of the economic-financial data for the first quarter of 2019: revenues, net income and investments increase.
I total revenue they are worth 310,8 million, an increase of 9,9% – equal to 28 million – compared to the same period of the previous year.
With reference to the economic results, theoperating profit for the first quarter of 2019 amounted to 123,6 million euros, an increase of +10,0% compared to 31 March 2018, while theNet income is equal to 86,3 million euros, +15,5% compared to the corresponding period of the previous year, as a consequence of the already expected increase in operating profit of 11,2 million euros. L'gross operating profit is equal to 219,2 million euros, an increase of +10,5% on 2018 and is linked to higher revenues of 28 million euros and higher operating costs of 7,2 million euros, recording an increase of 8,5 .XNUMX%.
On the level of investments, those achieved in the first three months of 2019 amount to 152,4 million and according to the official Italgas note "significantly exceed the objectives defined in the Strategic Plan -, confirming an increase in line with what has already been announced to the market. More than 50% of investments was allocated to maintenance and network extensions - 170 kilometers compared to 40 last year - while the installation of digital meters continued - in line with last year - to replace traditional meters , a replacement that will be completed by the first half of 2020". With approx 410 meters installed in the first three months of 2019, the total number, also considering investee companies, was approximately 5,4 million, equal to 63,9% of the entire meter fleet. The installation of the smart meters is part of the network digitization project for which over 50 pilot projects have already been completed throughout the country - 200 kilometers of distribution networks and a total of 11.800 smart meters.
“Investments in the period recorded an increase of 43,6%, in particular investments on the network (maintenance and extension) grew by over 70%, which are the most valuable investments for the Italian economy. The smart meter installation process continued, which will be completed in the first half of 2020, and the broader network digitization project which will contribute to strengthening Italgas' leadership in Italy and in Europe. In recognition of our role, two important partnership agreements were signed in recent weeks: with State Grid Corporation of China, the largest utility in the world, and with the American Picarro, a leading company in the supply of intelligent software for monitoring grids ", has explained Paolo Gallo, Chief Executive Officer of Italgas, commenting on the company's results.
"The needs connected to net investments in the first quarter of 2019 were fully covered by the positive cash flow from operating activities, equal to 242,2 million euros, with a Free Cash Flow - before M&A activities - equal to 112,7 million euros. The net financial position as at 31 March 2019 amounted to 3.701,9 million euro”, down compared to that as at 31 December 2018 which was worth 3.814,3 million, according to the Italgas note.
As regards active meters, as at 31 March 2019 Italgas counted 6,7 million of which almost 64% are now digital. If we also count the investee companies, their number increases to 7,5 million. on the topic ofterritorial extension of Italgas, as at 31 March 2019 the company is the concessionaire of the gas distribution service in 1.696 Municipalities (1.700 as at 31 December 2018), of which 1.610 in operation, while as at 31 December 2018 they amounted to 1.614. The decrease in the number of concessions is due to the unification of the Municipalities of Campolongo sul Brenta, Cismon del Grappa, San Nazario, Valstagna into the Municipality of Valbrenta, from 30 January 2019 and the merger of the Municipalities of Lusiana and Conco into the Municipality of Lusiana Conco, with effect from 20 February 2019. Also considering the investee companies, the number of operating concessions amounts to 1.717.
Meanwhile, yesterday, 13 May, the Italgas board of directors chaired by Alberto Dell'Acqua set up three new committees - Control, Risk and Related Party Transactions Committee, Appointments and Remuneration Committee and the Sustainability Committee – and appointed the relative members who are nine in total, according to the Code of self-discipline to which the company adheres.
The Italgas stock in the morning following the publication of the quarterly data it drops slightly by 0,04%, on a Piazza Affari in positive territory at +0,65%.
